Good day, and thank you for standing by. Welcome to the Brandywine Realty Trust fourth quarter 2021 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star and then one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star and then zero. I would now like to hand the conference over to your host today, Jerry Sweeney, President and Chief Executive Officer. Please go ahead. Michelle, thank you very much. Good morning, everyone, and thank you for participating in our fourth quarter 2021 earnings call. On today's call with me are George Johnstone, our Executive Vice President of Operations, Dan Palazzo, Vice President and Chief Accounting Officer, Tom Wirth, Executive Vice President and Chief Financial Officer. Prior to beginning, certain information discussed during our call may constitute forward-looking statements within the meaning of the federal securities law. Although we believe these estimates, reflected in the statements, are based on reasonable assumptions, we cannot give assurance that the anticipated results will be achieved. For further information on factors that could impact our anticipated results, please reference our press release as well as our most recent annual and quarterly reports that we file with the SEC. First and foremost, we hope that you and yours had a wonderful holiday season and are looking forward to a very successful 2022. In our world, certainly after some reopening delays related to the latest variant, we have stronger tenant interest in high-quality office space as tour activity, lease negotiations, and deal executions remain on a very positive trend line. A definitive trend and one that we believe will accelerate is that tenants are requiring very high-quality workspaces, and we believe this trend positions our existing portfolio and our development portfolio extremely well. During our prepared comments, we'll briefly review fourth quarter results, outline our 2022 business plan, and provide color on recent activities, both on the development and transactional side. Tom will then review our 2021 results and frame out the key assumptions driving our 2022 guidance. After that, Tom, George, Dan, and I are available to answer any questions you may have. Looking back to 2021, we closed the year on a very strong note with many business plan objectives achieved. We exceeded our speculative revenue target by $1 million, raising guidance twice during the year. Our executed lease volumes remained in line with last quarter, and our operating portfolio leasing pipeline increased by 120,000 sq ft. For the fourth quarter, we posted rental rate mark-to-market of 8.1% on a GAAP basis and 2.6% on a cash basis, with our full year mark-to-market being very strong at 16.2% on a GAAP basis and 10.3% on a cash basis. In addition, we had 116,000 sq ft of positive absorption during the quarter. Our full year 2021 cash same store numbers came in below our revised business plan, primarily due to lower parking revenue, bad debt related to one retail tenant, and free rent for a backfill tenancy. Full year capital costs, however, were in line with our business plan range. Tenant retention was 53%, which was at the top end of our full year forecast, and core occupancy and lease targets were also within our forecasted range, where we ended 2021 93% leased and actually 93.9% leased within our core markets. We posted fourth quarter FFO of $0.35 per share, which is in line with consensus estimates, and full year 2021 FFO of $1.37 per share, which was a penny above consensus. For 2022, we're providing guidance with an FFO range of $1.37-$1.45 per share for a midpoint of $1.41 per share. Our early renewal efforts, expense control programs, forward near-term pipeline visibility, and our recently executed transactions establish a clear pathway for growth. Our 2022 plan is headlined by two operating metrics that demonstrate the underlying strength of our core markets and foretell excellent growth potential. Our cash mark-to-market range is between 8% and 10%. Our GAAP mark-to-market range is between 16% and 18%. Our GAAP same store NOI growth for both cash and GAAP is between 0% and 2%, and we expect all of our regions will post positive mark-to-market results on both the cash and GAAP basis. In looking at a moment at our cash same store NOI range of 0%-2%, it's impacted by the timing of rollover and the subsequent backfill from leases already executed. For example, in Philadelphia, we renewed a 120,000 sq ft tenant commencing February 1, 2022. The free rent in that 16-year deal will last the balance of 2022. In addition, we had a 110,000 sq ft tenant vacate Sierra Center in 2021. We've already leased 75% of that square feet with a commencement in July. Those lease structures on those replacement tenants are 10 years in term and incorporate free rent for the balance of 2022. Just those two transactions represented 3.1% cash same-store impact. We believe based on leases we already have executed and visibility into our near-term pipeline, the portfolio is well positioned to deliver much better same-store growth in 2023. Our spec revenue range is between $34 million and $36 million with $25.6 million or 73% at the midpoint achieved. That speculative revenue range represents approximately 2 million sq ft of leasing velocity, which compares to leasing velocity of 1.2 million sq ft in 2020 and 1.4 million sq ft in 2019. Other key highlights, occupancy levels remain between 91%-93%. Lease levels between 92%-94%. We expect a retention rate between 58%-60%, and capital for 2022 will run about 14% of revenue, and that's above 2021, primarily due to several of those very large long-term leases commencing during the course of the year. Based on our 2022 leasing activity and higher development and redevelopment spend, we project our net debt to EBITDA to be in a range on a combined basis between 6.6x to 6.9x. We view this leverage increase as purely transitional while we are in a period of investing significant capital into construction without recognizing any NOI. As income recognition occurs, this leverage will decrease significantly. To amplify this point, we have segmented our EBITDA metrics between core and combined. On page three of the SIP, if you look at that, we've included another leverage metric that focuses just on our core portfolio by eliminating our joint venture non-recourse debt and our active development or redevelopment spend. We believe that our projected core leverage range between 6.0 and 6.3 provides a more accurate measurement of how we're managing our core operations as it eliminates our more highly leveraged joint ventures and eliminates the volatility associated with the timing of spending project capital, which increases leverage and the subsequent delay in income recognition. Over the last couple years, we've reduced our forward rollover through 2024 to an average below 8%. Further, looking further out, our rollover exposure is below 10% annually through 2026. Value creation and earnings growth remain a top priority. Key near-term earnings drivers for us are we have key vacancies that many of you are familiar with that will generate between $0.07 and $0.10 per share upon lease-up. We continue to make progress on leasing up those spaces, but our 2022 plan only includes approximately $0.02 per share of revenue from those vacancies, of which 20% has already been executed. In looking at our activity levels, our overall leasing pipeline stands at 3.8 million sq ft, broken down between 1.4 million sq ft on our operating portfolio and 2.4 million sq ft on our development projects. The 1.4 million sq ft leasing pipeline on the existing portfolio increased by 120,000 sq ft during the quarter and is 14% higher than our pre-pandemic levels from the fourth quarter of 2019. The leasing pipeline on our development projects of 2.4 million sq ft also increased during the quarter by 100,000 sq ft. In looking at our liquidity and dividend, we have excellent liquidity, and even with our anticipated development spend and absent any other financing sources, we anticipate having $383 million on our line of credit available by year-end 2022. We also do anticipate renewing both our line of credit and our $250 million term loan during the first half of the year at similar terms to the existing instruments. The dividend is very well covered with a 54% FFO payout ratio at the midpoint. Our CAD ratio has migrated to about 90% and above in recent years, primarily due to our elevated leasing activity, which is at 2 million sq ft we plan on leasing. In addition, for 2022, we did include all JV capital spend in our CAD calculation regardless of whether those dollars are financed through good news funding at our JV level secured mortgages. That did have an impact of $0.05 a share, about 5.5% of our CAD ratio. We do anticipate that coverage improving significantly as leases commence and we recognize revenue. From a capital allocation standpoint, we made progress on many fronts. We liquidated our final property in our Allstate joint venture and recognized a gain of $3 million. We also continued selling non-core land parcels during the course of the year. In fact, in January, we sold one parcel for $1.4 million, generating a $900,000 gain. In looking at our development opportunity set, 250 King of Prussia Road in our Radnor submarket is scheduled for delivery in the second quarter of 2022. The project will be the first delivery in our Radnor Life Science Center, which consists of more than 300,000 sq ft of life science space in what we consider to be the region's best performing submarket. The current pipeline on that project is north of 260,000 sq ft, including 86,000 sq ft in lease negotiations. 405 Colorado in downtown Austin, that project is now complete and is 48.3% leased with a growing and very active pipeline. We have a leasing pipeline right now of 144,000 sq ft, of which 31,000 sq ft are in lease negotiations, and we're working through a 26,000 sq ft expansion. Our B+labs incubator at Cira Centre consists of 240 seats. That opened in January and is 95% leased to twelve companies. Well ahead of our plan. Based on that success, we're planning to add another floor totaling approximately 27,000 sq ft by year-end 2022, and we additionally have plans underway to add another 78,000 sq ft of life science capability through floor nine. Just taking a look at an update on Schuylkill Yards and Uptown ATX. In Schuylkill Yards West, our life science office residential tower is on time and on budget for a Q3 2023 delivery. We currently have an active pipeline totaling 410,000 sq ft for the life science and office space component. That pipeline is up 70,000 sq ft from last quarter, and we do expect it to continue to grow as construction progresses. Our $56.8 million equity commitment is fully funded, and our partners' equity investment is currently being made, and the first funding of our construction loan will occur in the second quarter of 2022. 3151 Market, our 424,000 sq ft life science building is fully designed and priced. We have a leasing pipeline totaling about 270,000 sq ft, which is up from 150,000 sq ft in the third quarter, and our goal remains being able to start that project this year. At Uptown ATX, we've had a very productive 90 days at this 66-acre community, which has the development capacity approaching 7 million sq ft. We've rebranded the project from Broadmoor to Uptown ATX, recognizing it can create a new center of gravity within the city of Austin. We broke ground on Block A, which consists of 348,000 sq ft of office, three hundred and forty-one residential units, and 15,000 sq ft of ground floor retail. As part of this, we are delighted with our 50/50 venture with Canyon Partners. That structure is similar to our 3025 Schuylkill Yards West project, with Canyon providing 50% of the equity on a preferred basis. We are currently in the process of obtaining a 65% construction loan, which we expect to close before the close of Q1. As we discussed in the past, these preferred structures enable Brandywine to retain a significant portion of value creation upon stabilization. Under our preferred structures, once the partners in Brandywine receive the accrued return, a significant value accretion comes to Brandywine after that. Based on our stabilized underwriting, that creates an incremental 400basis points to 500 basis points lower cost of third-party equity capital than a traditional joint venture. We also anticipate the completion of that office component in 3Q 2023, and the residential component in 3Q 2024. We have a pipeline on the office component right now of about 300,000 sq ft. Since announcing the project, we've received inquiries aggregating just shy of 1.3 million sq ft. A lot of activity on that project now that it's finally coming out of the ground. We also had our groundbreaking for the train station that we'll be building through a 50/50 public-private partnership with Cap Metro, which is the regional rail authority in Austin. That station, as we've outlined before, will provide Uptown ATX direct access to downtown Austin and the northern suburbs, and they're expected to open for service during 2024. We further anticipate that we will be starting the first phase of Block F, which is 272 apartment units, under the same format with Canyon in the second quarter of 2022. One final note. While our 2022 business plan does not incorporate any dispositions or acquisitions, we do anticipate being active on the capital recycling front. We do anticipate continuing to sell select non-core land parcels. With the office recovery underway and premium pricing being paid for well-leased assets, we believe we will have several opportunities to harvest profits with low cap rate sales. We also anticipate sales of select properties out of our existing joint ventures. The dollars generated from these activities will be used to certainly fund our development pipeline, continue to reduce leverage, and certainly redeploy dollars into higher growth opportunities. With that, Tom will now provide an overview of our financial results. Thank you, Jerry. Our fourth quarter net income totaled $4.5 million or $0.03 per diluted share, and FFO totaled $60.4 million or $0.35 per diluted share and in line with consensus estimates. Some general observations on our fourth quarter results. While fourth quarter results were in line with consensus, we had a number of moving pieces and several variances to our second quarter guidance. Portfolio operating income approximated $70 million and was in line with our third quarter guidance. Our portfolio did experience 116,000 sq ft of positive absorption. We forecasted two land sales generating $1.3 million of gains, which did not occur. These two land sales have been delayed until 2022, and one sale has already closed in January, generating a $900,000 gain. Termination and other income totaled $4.2 million and was $1.7 million above our third quarter forecast, primarily due to unbudgeted one-time insurance income. G&A expense totaled $8.1 million, or $1 million above our estimate. This increase is primarily due to higher employee-related costs and professional fees. Our fourth quarter fixed charge and income ratios were%4.2 and%3.9 respectively, and better than our third quarter and year-end forecasts. Both metrics benefited from lower than forecasted capital spend. Our fourth quarter annualized net debt to EBITDA was 6.5 and met the high end of our 6.3-6.5 guidance. Regarding cash collections, overall collection rate for the fourth quarter continues to be over 99% as in previous quarters, and there were no significant tenant write-offs during the quarter. Portfolio changes, as we mentioned last quarter, based on the completion of 3,000 Market, that was added to our core portfolio during the fourth quarter and is 100% leased life science building to Spark Therapeutics. On the financing activity, we restructured and extended our current loan encumbering our joint venture at 4040 Wilson, lowering our average borrowing cost by approximately 100 basis points, generating minimal initial proceeds but allowing for increased borrowings to complete the leasing of the vacant office space. Turning to the 2022 guidance, at the midpoint, net income will be $0.21 per diluted share, and FFO will be $1.01 per diluted share, and our range is built with some of the following assumptions. Our portfolio operating results for GAAP NOI will be about $290 million, an increase of $17 million from last year. We have the full effect of 3000 Market and 405 Colorado totaling $5 million. 1676 will be about $4 million. The completion of our life science and redevelopment of the 250 King of Prussia Road will start to generate income and will be $2 million. We will have increase in our residential income of about $2 million, and the balance being a net increase from the same store portfolio. Our contribution from unconsolidated joint ventures will total about $28 million-$29 million. G&A will be between $34 million and $35 million, excluding a one-time credit in 2021. That represents an increase of $1.9 million. Total interest expense, including deferred financing costs, will increase to approximately $70 million-$71 million. That's gonna be due to the higher forecasted spend on our line of credit. We're also forecasting higher interest rates as well. Capitalized interest will increase to about $7 million. That's due to the current developments ongoing as well as some of our anticipated development starts later in 2022. Our land sales, as Jerry mentioned, we have about $4 million-$5 million of land sales anticipated. This is selling non-core land parcels, and as mentioned, one's already closed in January. Termination and other income of $11 million, which is above 2022, again, due to some one-time special items we expect to have occurring during the year, transactions as I said. Net income, leasing and development fees will be between $15 million and $16 million. As Jerry mentioned, we have no property acquisitions or dispositions in our guidance. We plan no ATM or share buyback activity at this time. We anticipate refinancing our line of credit and $250 million term loan during the first half of 2022. Our share count will approximate 174 million diluted shares. Taking a closer look at the first quarter guidance, we're expecting portfolio income of about $72 million. That'll be sequentially higher by $1 million, and that's primarily due to Three Thousand Market, the 116,000 sq ft of absorption that occurred in the fourth quarter. That'll be partially offset by several known move-outs, a majority of which has already been re-leased later in 2022. FFO contribution from our unconsolidated joint ventures will total $6.5 million for the first quarter. G&A for the first quarter will increase from $8.1 to $9.5, and that sequential increase is consistent with prior years and is primarily due to the timing of rep compensation expense recognition. Total interest expense will approximate $17.5 million, with capitalized interest of $2.5 million, and termination fees will total about $3.5 million. Net management fee and development fees will also total $3.5 million. We have land sales, besides the one we already announced, another $400,000 occurring to total $1.3 million. Our capital plan is very straightforward and totals about $445 million. As Jerry mentioned, the CAD range of $84 million-$95 million is higher than normal. When we do take a look at going out beyond this year, we do see that number coming back towards our range in 2020. Looking at the sources and uses, $190 million of development, $131 million of common dividends, revenue maintain of about $55 million, revenue create of about $40 million, and $29 million of contributions to our joint ventures during the year. Primary sources is gonna be $190 million of cash flow after interest payments, $193 million for the line of credit use, cash on hand of $27 million, and $35 million of proceeds from land sales and other. Based on that capital plan, our line of credit will increase about $217 million, leaving $383 million available. We also project that our net debt to EBITDA will range from 6.7-6.9, with the main variable being the scope of our development activities and the spend. Our net debt to GAV will approximate 40%-41%. In addition, we anticipate our fixed charge ratio will approximate 4.0, and our interest coverage will be 3.8, which represents sequential decreases, but again, primarily due to the capital spend we expect during the year. We've also included a new metric looking at our core net debt to EBITDA, which at the end of the year was 5.9, and that does exclude our joint ventures and our active development pipeline. We believe this is a better measure of how you should look at how we're monitoring our leverage on our core portfolio, as we do expect over time, the development projects to come online, as well as Jerry mentioning that we will be looking to sell some of our joint ventures potentially over the next year or so. With that, I will turn it back over to Jerry. Great. Thank you, Tom. Like, the key takeaways to kind of look at our 2022 business plan, we know we're certainly still facing some headwinds as an industry on the recovery of the economy and the return to workplace environment. I think we do view that in the context of our portfolio and operations being in very solid shape. We think the leasing activity and the forward rollover reduction we've done over the last couple years provides excellent visibility for forward growth. Our 2022 business plan incorporates strong mark-to-markets, managed capital spend, and strong leasing activity. I do wanna emphasize that we really do see in all of our tenant discussions, a real focus on higher quality safety, health, multimodal access. We really do believe that, and actually as evidenced by the increase in our pipeline just in the last couple quarters, that trend line will continue and benefit our company. With that, we would like to open up the floor for questions. As we always do, we ask that in the interest of time, you limit yourself to one question and a follow-up. Michelle? Thank you. Our first question comes from Manny Korchman from Citi, y our line is open. Hey, good morning, everyone. Jerry and Tom, I appreciate the comments on breaking out your leverage stats into sort of core and headline. I guess just getting to the root cause of that, you've been big developers or and getting bigger, and that has stressed the leverage stats. You look at this year, you're borrowing almost $200 million on the line of credit. You've done a bunch of these JVs, the latest one at 50/50. Then if you do sell down the JVs or you sell some more non-core, that just gets you another year of dilution. I guess the question is, how do you sort of fix leverage more permanently other than waiting for these big developments to come online, which is gonna take two or three or four years from now? Do you need to do equity? Is it a matter of, you know, maybe doing a bigger sale of maybe something more core or just bigger in general to sort of fund the tank? Thanks. Yeah. Manny, great question, and good to hear from you. No, I think it's an excellent question. We do spend a lot of time on how, you know, to optimize our capital allocation. I think we do have a number of core land sales that will generate near-term liquidity in a non-dilutive way. I think we also have some fairly well-leased premium priced assets, both on our balance sheet and within our joint venture structures that can raise capital that we think will be non-dilutive to current earnings, and certainly timing those sales to some of these nearer term deliveries. If you think about it, we still really have 405, which is not generating that much income for us in 2022, but it's delivered. That'll be leased up very shortly. We have 250 coming online during 2022, and the leasing activity there is very encouraging. We have a number of large leases that is outlined on the same store number that are already signed, but kind of in free rent periods that will generate some additional liquidity for us. We really do think we have a lot of near term opportunities to generate liquidity in a non-dilutive way to kind of manage that leverage down as the course of the year into 2023 continues. I think the real opportunity lies into you know some of those developments really coming online and performing as we know they will. The long-term opportunity we think is very, very much there. In fact, you know, it's funny you raised the question because I do recall, I think, in one of your resolutions for 2022, you know, one, I think it was number five, really focused on optimal capital allocation, you know, including, you know, doing accretive transactions, development and redevelopment, and fund it on a long-term leverage-neutral basis using a range of financing tools. I think, you know, certainly, you know, the third party equity markets are incredibly viable. There's no shortage of equity partners who would like to do different transactions. That really does give us a fairly effective price of third party equity to help finance these developments. I think managing an active sale program of both land, wholly owned and joint venture assets will enable us to move into a lower leverage model as well. I think long term, you know, and that long term could be two or three years, we actually believe when these properties come online, our leverage metrics will approach a historic low for us. Jerry, going back to the same store growth comment. You walked us through the plus 300 basis points from those couple of big leases. You also made the point of 2023 growth being better. If I understand your guidance correctly, you've got around about 60% retention in the guidance and about a million square feet of expiries. It looks like you're gonna have, you know, call it roughly 400,000 sq ft of non-renewal. How is that gonna weigh against the positives of these couple big leases that you talked about becoming cash, you know, cash flow positive? Yeah. Manny, good morning. It's George. Let me try and take some of that. You know, part of what's not going to renew, we have successfully backfilled and, you know, evidenced by the 75% of the space here at Cira Centre that BakerHostetler gave back. That'll be negative retention for us, but then, you know, reabsorbed space with the free rent burning off in 2022 and fully cash producing in 2023. The large renewal that we did over at The Logan, again, 11 months of free rent kind of burning off. You know, one month in 2022, 12 months in 2023. Those are kind of really the big drivers. You know, the other part of our same store that really had some continued lease up to go is 1676 down in Tysons. We've got, you know, about a million dollar of incremental revenue planned for that asset in 2022, and then we think the balance of the building fills up in 2023. Great. Thanks all. Thanks, Manny. Thank you. Our next question comes from Steve Sakwa from Evercore ISI, y our line is open. Thanks. Good morning? Jerry, I was hoping you could maybe break down a little bit. I think that you talked about 2 million sq ft of leasing activity, excuse me, in 2022. I'm just trying to get a sense for how much of that is core portfolio, how much of that's development. In the core portfolio, you know, how much of that would you attribute to renewals, and how much would you attribute to new leasing? Yeah, Steve, good morning. It's George. I'll jump in here as well. So of the 2 million sq ft, 1.2 million sq ft of it are new deals and about 800,000 sq ft of renewals. It's all within the core portfolio, so that does not include any of our development, redevelopment. It does not include 405 Colorado. It does not include 250 Radnor. Obviously, the ground up development, it doesn't include. The square footage is about 34% coming out of our Philadelphia CBD operation, 33% out of the Pennsylvania suburbs, 20% out of Austin, and about 12% out of D.C. Okay. You know, Jerry, maybe you could talk a little bit about the leasing in Austin. You sort of mentioned that you had good activity for Uptown ATX as you know announced that project and sounded like the pipeline ramped up. Leasing at 405 Colorado's been slower than expected. I think you picked up roughly five points of lease percentage in the quarter, and that's still sitting sub 50% today. You know, what's the dynamic going on? Is it a downtown versus sort of suburban play? Or, you know, why is 405 just been as sluggish as it is? Yeah. Steve, look, it's certainly. We're hoping to make a lot of significant progress in the next couple quarters. I don't think it's an issue of suburban versus downtown. You know, we really just delivered the building, finished the lobby, finished the sky lobby. The garage is now open, so we're getting more activity through the building. I think as we look at it, because the pipeline really has been very strong, and as I mentioned in our comments, we have, you know, 30,000+ sq ft of leases and negotiations. We already have one tenant who wants to expand by, you know, over 25,000 sq ft and a pipeline of deals behind that. Steve, I think 405's been emblematic to some degree of the increased cycle time that we're seeing in a number of our markets in terms of tenants actually getting across the finish line and signing leases. We've seen that across our whole portfolio. You know, some of these discussions with our tenants in that building have gone on for a number of months, all very positive, but you know, no real key decisions being made. That's kind of one factor. Two is it's a smaller floor plate building, as you know. It's really geared towards, you know, 10,000-20,000 sq ft users. You know, if they're a two-floor user, they're 40,000 sq ft. It's not really geared towards some of the larger tenant movements that are taking place within the Austin market in general. I think one of the third piece, which is kind of a contributing factor to the velocity in Austin for particularly the smaller-sized tenancies, is that for whatever reason, that market has the lowest level of occupancy through our whole portfolio. I mean, you know, we're, you know, between 40% and 60% in a number of buildings around the portfolio. Austin is, I think, George, around 15%. About 15%, yeah. That city really hasn't come back from a workplace standpoint. We share the disappointment with the pace of leasing there. We have, however, been able to hold effective rents, capital costs, and we're very confident that in the next 60 days, we'll be able to get some of these key leases across the finish line and really change the income trajectory of that property, certainly moving into 2023. Okay, if I could just ask one technical question for Tom. Straight-line rent FAS 141, I didn't hear you provide a number for 2022. Do you have that handy? Not right off the top, Steve. I'll have to get that to you. I'll follow up right after the call. Okay, thank you. Thanks, Steve. Thank you. Our next question comes from Craig Mailman from KeyBanc Capital Markets, y our line is open. Hey, good morning? Good morning, Craig. Jerry, I just wanted to circle back to the commentary about, you know, the ability to kind of kick off some low cap rate sales, to fund development and kind of bring down leverage. I know in the past you've hinted at something like a JV of Cira, some of your trophy buildings. I mean, could you just give us a hint at what you're thinking about? Would these be, you know, full sales or continue to be kind of in this JV thought process? Yeah. Great question, Craig. I think our perspective right now is we're much more biased to full sales on existing earning assets. I think obviously, given the capital requirement, Craig, on some of these larger scale developments, be it at Uptown or Schuylkill Yards, I think there, you know, until the capital markets conditions improve for office confidence, I think we are still biased to probably doing, you know, these kind of preferred structures where we essentially borrow a low cost equity with a clean governance structure, bring in third party debt to get those projects executed. I think on the asset sale side, whether those assets are currently held in a JV today or wholly owned, I think the clear bias is to do a complete liquidation. You know, we still have the goal of continuing to reduce the number of operating joint ventures, and we think that's a natural occurrence with some of the liquidations we have planned over the next couple years. You guys are, you know, you're trading kind of in the low 7% implied cap rate on my numbers. Your developments are kind of in that 7%-8%, maybe a little bit higher. Where do you think or what do you think the kind of public-private arbitrage is on some of these buildings you wanna sell? Like, give us a sense of where you think your best assets or assets targeted would sell. As we're looking at some of the assets that we're evaluating for liquidation, some, there's both office and residential in that targeted pool. The cap rates we're seeing between kind of current yield and sales prices between or I'd say around 250 basis points, maybe even lower on a couple of the other assets. I mean, what's been kind of intriguing is that you're really seeing premium pricing paid for long leased assets. If there's a good weighted average lease term, good credit, there's certainly been a real push towards cap rate compression even while the office market's going through this recovery. We would expect it to be able to realize through both timing and identifying the right assets, we can generate additional liquidity for the company without really creating any downward pressure on earnings. Okay. Just one more quick one. Would this include potentially resi at Uptown, or would you not wanna give away any control at, you know, Uptown or Schuylkill? Yeah, no, I'd say, we're really focused more on the existing assets that we have. Certainly our perspective is on the development projects, get those completed, get the value stabilized. We think there's an awful lot of value that will accrue to the Brandywine shareholders as part of that program. Our efforts really, Craig, are focused on kind of existing earning assets. Great. Thank you. Thank you. Thank you. Our next question comes from James Feldman from Bank of America, y our line is open. Great. Thanks, and good morning. Thanks for taking the question. You had talked about $7-$10 cents a share from vacancy lease-up, but you've only got $0.02 of that in your 2022 guidance. 20% has been executed. Can you just talk about the composition of that remaining, call it, I guess, $0.08 and you know, maybe talk about the specific spaces in your leasing prospects. Sure. George? Yeah, absolutely, James. Good morning. You know, I think as I mentioned earlier, the largest piece of that really is that at 1676. It's probably about 45% of that of that $0.07-$0.10. We've got, you know, 171,000 sq ft still to lease down there. We've got about 100,000 sq ft in our plan for 2022 with, kind of, you know, later in the year commencement, so not a full year of revenue contribution. The next biggest pieces are at our River Place project down in Austin. We've got several vacancies down there, that, again, not a lot in the plan for 2022, but a full contributor for 2023. We've got about $1 million in that kind of bucket of properties out in the Plymouth Meeting suburb, and we've got good traction on a majority of that space. Okay. What are your larger remaining spaces downtown? Are you pretty much buttoned up at this point? Well, downtown. Okay On the wholly owned side, it's very well buttoned down. The opportunity for us in Philadelphia remains at Commerce Square. You know, we've obviously got, you know, the Macquarie space and the Reliance space that we're still dealing with. We've got a pipeline over at Commerce of about 150,000 sq ft. You know, continue to see good levels of tour, but have not had, you know, many large lease executions to date. You're not including that in the $0.07-$0.10? That was not. No. That was just more to address your question about the Philadelphia vacancy. The numbers we cited, Jamie, really were from our wholly owned portfolio. I mean, we think when we look at some of our joint venture properties, the operating joint venture properties, there's certainly an opportunity to kind of move up the income stream there as well as the market continues to recover. Okay. That, you don't think that's a 2022 event? Yeah, look, sitting here now, we're in February, I think the lease up we have planned on a number of these properties, particularly the larger vacancies, really won't kick in until Q4. Right. So their impact on 2022 numbers is minimal. So the bigger impact would be in 2023. We are seeing very good activity across a lot of those vacancies. You know, by the time you get through lease execution, every place we do business, the municipalities take longer to approve plans. The construction market's pretty robust in a number of areas, so it's taking a little bit longer to build out spaces. As we kind of went through and risk-assessed when we could actually deliver spaces, James, we were more biased towards kind of fourth quarter versus third quarter deliveries, depending upon where we thought the lease negotiation process was. Okay, thank you. You know, to your initial comments about tenants want high-quality workspaces. As you think about your portfolio, and I guess specifically, you know, Philadelphia downtown and suburbs, what do you put in that category? Thinking, I guess, more about your suburban assets, you know, do you think that all fits into the flight to quality? I know you mentioned Plymouth Meeting as a sell market, but just how are you thinking about either CapEx needs to upgrade assets in the suburbs or maybe they're fine as is? Yeah, look, certainly, as we look kind of across the board, in our so-called Philadelphia operation, we think everything that we have downtown is either really fully leased and put away for a long period of time. Where we do have a vacancy, like at Commerce, you know, we've made a number of building upgrades through our joint venture, done a number of pre-built spaces, improved the amenity package in the building. We think that that remains a very high trophy class type of property that really does have the ability, you know, Jamie, with this kind of shift in tenant appetite, to really start drawing in, tenants who are kind of in the, B+ type of inventory as they think about their return to workplace programs. I think in the suburban areas, we certainly our Radnor portfolio and King of Prussia portfolio were all pretty well leased, and we've invested capital there for a number of years. We just actually wrapped up a capital renovation plan last year at our Plymouth Meeting project, and that was consisted of lobby, restroom, landscaping, cartway upgrades, signage upgrades. We've actually seen a very big uptick in activity out there. That kind of validates the supposition that if you invest money in the building, position it even better, if it's well-located, you'll get the tenant demand driver. As we're looking forward, there's a few properties that we plan on doing lobby renovations. Actually, at Cira Centre here, we're actually wrapping up a lobby renovation that's had a lot of great success, particularly as we attracted all those companies in for the incubator and the life science companies. It is a continual reinvestment model. You just need to make sure that where you are investing money, you're getting a return on invested capital that justifies that investment. If you don't, that becomes a predicate for selling that asset. That's really what drove a lot of our thought process over the last five years. Okay. Finally for me, I know in the press release you had talked about the Austin land sale gain. Sounds like that's different than what you sold in the first quarter and even what's in guidance. What are your thoughts on how you're gonna record that in earnings and even the magnitude? Yeah. That's all still under review right now, James. That's why we haven't really announced any numbers on it. That'll be something we'll announce in the first quarter. James, just to clarify, I'll take a look. That land sale was actually in Richmond, Virginia, that we did have. It wasn't a Texas sale. You know, as Jerry mentioned, we're still looking at how we're gonna record the gains. They are not included, just to be clear, they are not included in our land gain range that we put into the supplemental of $4 million-$5 million. Those land gains we haven't included yet. We're still assessing, you know, are those land gains for FFO purposes or not, but we certainly will be disclosing that. Okay, thank you. All right. Thanks, James Thank you. Our next question comes from Daniel Ismail from Green Street Advisors, y our line is open. Great. Thank you. I understand some of these types of discussions can be sensitive given open lease negotiations, but I'm just curious how pro forma rents have trended for the non-life science developments. It just feels like with the demand for quality office assets, particularly in Austin, there's some potential upside here in rents. Yeah. Hi, Daniel. George, you and I can tag this. Look, I think one of the things that we've been very pleasantly surprised both with the scale and with the volume of it, is our ability to kind of really move rents across the board. I mean, it's been interesting for us to be able to see, you know, for really the last two years, posting really good mark-to-markets, keeping our cap rates, you know, below that 15% long range target we've had. In fact, closed out 2021 with really good numbers. As you know, that number can change based upon, you know, different longer term and larger size deals we can do. No, I think, you know, I look back over the last couple of years where, you know, a lot of the expectation in the marketplace was, you know, rents were gonna fall through the floor, there would be no demand drivers. I think in the asset class that we're in, of the very high end, in all of our key submarkets, we've actually seen a fairly good degree of resiliency in rents. I'm talking on the non-life science side. Life science, we've seen an amazing escalation. Even on the office side, when we take a look at what we're able to do in our suburban counties, the rental rates we're negotiating on some of our Austin vacancies, what we've been able to do in CBD Philadelphia, has all been surprisingly resilient. I think that does play into the quality narrative. We'll see how long that process continues. Now that being said, I think there are certain projects we have where we've been very effective in meeting the market. George had talked about 1676. That's a wonderfully renovated project, but in a marketplace that really does not have a lot of demand drivers. It was in that situation pre-pandemic, is in that situation today. You know, there we've been aggressively marketing the space, and in some of those cases, our rental rates versus original pro forma have gone down. That's a very isolated case. I think when we take a look across the board, our on-the-ground, daily engaged leasing agents, one of their major responsibilities to make sure that the senior operating executives here read the market well and understand where we can push, where we can't. I think we've all been surprised, leasing agents through senior executives at George's level, about how strong some of those demand drivers have been and how really economically viable a lot of these leases have been. Got it. Jerry, maybe on job growth in Philadelphia. I know we've spoken about this previously, but historically, this city has struggled to attract outside firms, particularly given the tax complications. I'm curious if you're seeing or anticipating any improvement in that front. We are anticipating some improvement as the city returns to the workplace. It's been interesting, Daniel, too, that, you know, one of the early expectations was that you'd see more employer shift to suburban locations nationally. I think in Philadelphia, you know, looking at it from the outside, there was concern that that trend might accelerate. We really haven't seen companies looking to relocate outside the city due to either the tax structure or any other circumstance. In fact, we've seen the opposite. We actually moved a tenant into One Logan, who came in from outside the city. You can never forget that attracting labor pool is very, very important to a lot of our customers. Philadelphia has done an amazing job in the last decade of really growing the residential population worker base within the city, whether it's Center City or some of the adjoining neighborhoods. We're talking to a lot of companies who are looking at moving downtown primarily because that's where a lot of the younger workers live, or they live in very close in suburbs. I think the next year is gonna be very interesting in terms of, you know, how the job creation trend in Philadelphia actually does bottom line. We have seen a very nice uptick in activity coming out of the life science sector, and I think that's been very, very exciting, and we think that will be both from a relative standpoint, a disproportionate growth of jobs within the city of Philadelphia. That's a good green shoot that we're tracking very carefully. Got it. Thanks, Jerry. Maybe just one last one. On the dispositions, the potential dispositions in 2022, tax consequences that may necessitate a 1031 exchange or all the potential dispositions all free of capital gains taxes or can be covered by the dividends? Tom? Yeah. Hi, Daniel. Yes. We do look at the capital gains and whether we have a need for a special dividend. Right now, some of the ones we are targeting, we don't think we need to be concerned about that. As always, though, if there's an opportunity with an acquisition and disposition to defer the gain into a 1031 exchange, we'll certainly look at those opportunities. Right now, we don't see a concern on the coverage of the dividend and these sales. Got it. Thanks, everyone. Thank you, Daniel. Thank you. I am showing no further questions from our phone lines, and I'd like to turn the conference back over to Jerry Sweeney for any closing remarks. Great. The only closing remark is thank you for your attention and your engagement with our company, and we look forward to updating you on our activities at the next earnings conference call. Thank you very much. Thank you. This concludes today's conference call. Thank you for your participation, y ou may now disconnect. Everyone, have a wonderful day.